VA CONTRACTOR LICENSE STUDY GUIDE 2026
QUESTIONS AND 100% VERIFIED ANSWERS |
GRADED A+ | GUARANTEED PASS!!
____ requires paying prevailing wages in federally financed projects
- answer-Davis-bacon act
A company has $100,000 in current assets, $100,000 of long term assets, $50,000
of current liabilities, and $40,000 of term liabilities. The maximum bond of single
products for this company would typically be limited to
Working Capital = Current Asset - Current Liability
- answer-$500,000
A company's workforce consisting of employees who are NOT members of a
union
- answer-Refuses to permit a unions solicitation of employee's during work hours
A method that offers some protection from risk of liability is
- answer-Verifying subcontractors insurance coverage
A note on a company truck due to be paid off within the current year is considered
- answer-A current liability
ADA applies to employers that employ
- answer-15 employees
All of the following except _____ is an effective means of attracting good
employees
A) Life insurance
B) Vision program
C) Lay off
D) Retirement program
- answer-C) Lay off
All of the following methods can be used to remit Federal payroll taxes EXCEPT
A) Making payroll tax payments online
, B) Including payment with a timely filed quarterly report form
C) Including payment with a timely filed company Federal Income tax return
D) Making electronic payments
- answer-C) Including payment with a timely filed company Federal Income tax
return
An advantage of keeping inventory levels as low as possible
- answer-Minimizing working capital needs.
An employer who repeatedly violates the overtime provisions of the Fair Labor
Standards Act is subject to a maximum fine of
- answer-$1,100 Per violation
An employer whose federal payroll tax liability is $1,000 quarterly may pay the
taxes
- answer-quarterly.
An income statement includes all except
A) G&A Expenses
B) Interest Income
C) Direct costs
D) Inventories
- answer-D) Inventories
An owner of a business has $32,000 in liabilities and $39,000 in equity. What are
the assets?
- answer-$71,000
At LEAST how often MUST federal payroll tax deposit be made by an employer
whose accumulated liability is $5,000 quarterly
- answer-Monthly
Depreciation is considered a ____ expense
- answer-non cash
For one month a company bills out $15,000 in completed work and $5,000 in
payments. They pay $5,000 to supply hours and post another $5,000 in bills to bay
next month. Using a cash accounting method and not considering any other
revenue or expenses, what is the companies net income for the month?
- answer-$0
QUESTIONS AND 100% VERIFIED ANSWERS |
GRADED A+ | GUARANTEED PASS!!
____ requires paying prevailing wages in federally financed projects
- answer-Davis-bacon act
A company has $100,000 in current assets, $100,000 of long term assets, $50,000
of current liabilities, and $40,000 of term liabilities. The maximum bond of single
products for this company would typically be limited to
Working Capital = Current Asset - Current Liability
- answer-$500,000
A company's workforce consisting of employees who are NOT members of a
union
- answer-Refuses to permit a unions solicitation of employee's during work hours
A method that offers some protection from risk of liability is
- answer-Verifying subcontractors insurance coverage
A note on a company truck due to be paid off within the current year is considered
- answer-A current liability
ADA applies to employers that employ
- answer-15 employees
All of the following except _____ is an effective means of attracting good
employees
A) Life insurance
B) Vision program
C) Lay off
D) Retirement program
- answer-C) Lay off
All of the following methods can be used to remit Federal payroll taxes EXCEPT
A) Making payroll tax payments online
, B) Including payment with a timely filed quarterly report form
C) Including payment with a timely filed company Federal Income tax return
D) Making electronic payments
- answer-C) Including payment with a timely filed company Federal Income tax
return
An advantage of keeping inventory levels as low as possible
- answer-Minimizing working capital needs.
An employer who repeatedly violates the overtime provisions of the Fair Labor
Standards Act is subject to a maximum fine of
- answer-$1,100 Per violation
An employer whose federal payroll tax liability is $1,000 quarterly may pay the
taxes
- answer-quarterly.
An income statement includes all except
A) G&A Expenses
B) Interest Income
C) Direct costs
D) Inventories
- answer-D) Inventories
An owner of a business has $32,000 in liabilities and $39,000 in equity. What are
the assets?
- answer-$71,000
At LEAST how often MUST federal payroll tax deposit be made by an employer
whose accumulated liability is $5,000 quarterly
- answer-Monthly
Depreciation is considered a ____ expense
- answer-non cash
For one month a company bills out $15,000 in completed work and $5,000 in
payments. They pay $5,000 to supply hours and post another $5,000 in bills to bay
next month. Using a cash accounting method and not considering any other
revenue or expenses, what is the companies net income for the month?
- answer-$0
